Hello GreenBugeye,
Saturday, February 22, 2003, 5:42:52 PM, you wrote:
GreenBugeye> In a message dated 2/22/03 5:40:51 PM Eastern Standard Time,
GreenBugeye> bushwacker4@zoomtown.com writes:
GreenBugeye> This is an Internet myth. Our Congressman was just defeated after
16 years
GreenBugeye> in office, and his Congressional pension is $38,000 per year.
Certainly
GreenBugeye> generous, but a far cry from full pay for life.
I got this information from
http://www.opm.gov/fers_election/ri_90/f_seg.htm#congress
Members of Congress and Congressional Employees
Members of Congress receive an unreduced annuity at age 50 with 20 years of
service,
or at any age with 25 years of service. Congressional employees must meet the
age and service requirements explained in the Basic Benefit Plan section.
If you are a Member of Congress or a Congressional employee, with at least 5
years
of Congressional service, your annuity will be:
1.7% of high-3 average pay
times
years of Congressional service up to 20
plus
1.0% of high-3 average pay
times any other service.
A Special Retirement Supplement is payable from the Minimum Retirement Age to
age 62.
If you have earnings from wages or self-employment that exceed the Social
Security annual
exempt amount, your supplement will be reduced or stopped.
Cost-of-Living-Adjustment's (COLA's) are payable to Congressional retirees
before age 62
only if they retire for disability. Members of Congress and Congressional
employees
contribute an additional .5% of pay to the Federal Employees Retirement System
(FERS).
Salaries for Congressmen over the last three years were:
2002 $150,000
2001 $145,100
2000 $141,300
This give an average of $145,466.67, so below is a list of retirement
benefits bases on the last three years for 1 to 30 years of service.
Feel free to check the math and correct me if I am wrong.
Years of
Service Retirement Benefit
1 $2,472.93
2 $4,945.87
3 $7,418.80
4 $9,891.73
5 $12,364.67
6 $14,837.60
7 $17,310.53
8 $19,783.47
9 $22,256.40
10 $24,729.33
11 $27,202.27
12 $29,675.20
13 $32,148.13
14 $34,621.07
15 $37,094.00
16 $39,566.93
17 $42,039.87
18 $44,512.80
19 $46,985.73
20 $49,458.67
21 $50,913.33
22 $52,368.00
23 $53,822.67
24 $55,277.33
25 $56,732.00
26 $58,186.67
27 $59,641.33
28 $61,096.00
29 $62,550.67
30 $64,005.33
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
--
Best regards,
Bill mailto:w.gilroy@verizon.net
"The liver is evil, it must be punished"
77 Midget
02 Irish Terrier
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